Fear Group announce £60 million regeneration scheme for Newport city centre
Stephen and Leon Fear who jointly control Fear Group have revealed today that they have submitted plans to Newport City Council for a £60M redevelopment of a ﬁve and a half acre former Sainsbury’s site on the riverfront in Newport.
The proposals, which were welcomed by local residents at a public consultation event in the Spring, include a 601 bedroom student village, an 84 bedroom hotel, a health plaza, convenience store and 144 residential units including affordable homes which will be delivered in partnership with Newport City Homes.
Director Leon Fear comments: “We have long believed in the future of Newport as a key strategic location and look forward to delivering this important regeneration project to form the next chapter in Newport’s emergence as a regional powerhouse.”
Dr Stephen Fear revealed that the organisation he originally created in 1969 and which has evolved into a multi-faceted international business with it’s roots in property, is also actively looking at other opportunities in the City.
He said: “Fear Group is currently in negotiations to bring a cutting edge green technology business to Newport which may create up to 300 jobs.”
The site was home to Sainsbury’s until they sold it in 2010 to a Fear associated company, and moved a mile away to a bigger store.
Plans include the demolition of the vacant 57,000 sq ft store and the creation of a boardwalk in to the city centre and the new Friar’s Walk shopping centre which opens in November.